CHAPTER NO. 803

SENATE BILL NO. 2771

By Person, McNally

Substituted for: House Bill No. 2464

By Scroggs, Miller, Kent, Mike Walker, Goins, Pleasant, Hargett, Sargent, Haley, Hassell,

Ralph Cole, Dunn, Ulysses Jones, John DeBerry

AN ACT To amend Tennessee Code Annotated, Title 7, Chapter 64, Part 1, relative to real property tax deferral.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

SECTION 1. Tennessee Code Annotated, Section 7-64-101(b), is amended by deleting the words and figure "twelve thousand dollars ($12,000)" and by substituting instead the words and the language "twenty-five thousand dollars ($25,000)".

SECTION 2. Tennessee Code Annotated, Section 7-64-102(b), is amended by deleting the subsection in its entirety.

SECTION 3. Tennessee Code Annotated, Section 7-64-103(c), is amended by deleting the words and numbers "five dollars ($5.00)" and by substituting instead the words and the language "six dollars ($6.00)".

SECTION 4. Tennessee Code Annotated, Section 7-64-104(b), is amended by deleting the first sentence of the subsection in its entirety and by substituting instead the following:

The unpaid balance of assessed real property taxes shall constitute a lien against such property, and shall be subject to simple interest at the rate of six percent (6%).

SECTION 5. This act shall have no effect unless it is approved by a two-thirds (2/3) vote of the governing body of any county or municipality to which it may apply. Its approval or nonapproval shall be proclaimed by the presiding officer of the governing body and so certified to the Secretary of State.

SECTION 6. For the purpose of approving or rejecting the provisions of this act, it shall be effective upon becoming a law, the public welfare requiring it. For all other purposes, it shall become effective upon being approved as provided in Section 5.

PASSED:

April 9, 1998

APPROVED this

23rd

day of

April

1998